Sub-Saharan Africa’s Subprime Borrowers

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In recent years, a growing number of African governments have issued sovereign bonds, diversifying away from concessional debt and foreign direct investment. As a result, shortsighted financial markets, working with shortsighted governments, may be laying the groundwork for the world’s next debt crisis

NEW YORK – In recent years, a growing number of African governments have issued Eurobonds, diversifying away from traditional sources of finance such as concessional debt and foreign direct investment. Taking the lead in October 2007, when it issued a $750 million Eurobond with an 8.5% coupon rate, Ghana earned the distinction of being the first Sub-Saharan country – other than South Africa – to issue bonds in 30 years.

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